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New insurance reporting requirements needed to ensure adequate monitoring, UK's Woods says

( January 30, 2023, 12:04 GMT | Official Statement) -- MLex Summary: Additional reporting requirements for insurers are needed as existing rules do not provide the necessary granularity for adequately monitoring trades, Sam Woods, chief executive of the Prudential Regulation Authority, said in a letter to UK lawmakers. The UK Parliament Treasury Committee's sub-committee on financial services regulations questioned whether a review of insurance rules, known as Solvency II, would lead to much additional work and cost for insurers. Woods said the new requirements would improve the regulator's ability to monitor regularly and consistently certain risks. The letter was published today alongside correspondence with Financial Conduct Authority chief executive Nikhil Rathi on green finance and financial advice.Statement follows. Letters attached....

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